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. unemployment rising. the economy? it's shrinking. gdp contracting last year for the first time in four years and consumer confidence tanking as that payroll tax hike cuts into workers' paychecks. add it all up, is it time to strike calls for more tax hikes? down. i'm brenda buttner, this is "bulls & bears." we've got gary smith, tobin smith, jonas max ferris, and john layfield and susan fox. the white house and democratic leaders still pushing tax hikes. should they be? >> absolutely not, brenda. what i don't understand is how you can propose tax hikes without looking at what the scholars say, the studies say. look, if there was studies out there says raising taxes, great for the economy, i'd get behind it. but you know what, brenda? every single scholarly study for the past 15 years has said one thing: higher taxes, negatively impact growth. it's funny, forget all that, though. if you just look anecdotally, when the left wants to inhibit behavior, whether it's energy consumption or cigarette smoking or any one of the other things they have, what's the very first thing they do? they raise t
the wrong way. the economy slinks bringing on fears of a new recession. this is "special report." ♪ ♪ >> bret: good evening. i'm bret baier. hard slap in the face tonight from reality. economy thought to be improving shocked experts and shrank in the final months of last year. huge falloff from gain last summer. white house correspondent wendell goler with an explanation and reaction. >> less than two weeks after the president said in the second inaugural address that an economic recovery had begun, the commerce department said not so fast. the biggest drop in defense spending in 40 years combined with a decline in exports and slow growth in company stock piles slashed economic growth from 3.1% in the third quarter to minus 1/10th in the fourth. first negative quarter since 2009. white house downplayed the report and gave the republicans part of the blame. >> home prices are starting to climb back. consumer confidence overall has been rising and consumer spending is rising. but there is more work to do. our economy is facing a major head wind that goes to your point. republi
economy and, brother, it is so grim. u.s. economy unexpectedly shrinking in the fourth quarter. the biggest dip in 3 years. instead of jumping into high gear to figure out what to do to reverse this economic bad news some, top democrats used their time to play the blame game. they say it's all the republicans' fault. >> the economy shrunk. >> last three months of last year, our economy shrunk. >> the new report suggests that this economy still has not really fully recovered from the financial crisis four years ago. >> it was the democrats are saying? this is the best-looking contraction that there has ever been. >> it's disheartening, although we have moved at least temporarily beyond flirtation with default, to see republican leaders say, visequester in my back pocket. it's not a game. it's the american economy. >> you remember what this administration's growth forecasts were? for the next three to four years? their growth forecasts were anywhere between 3 and 4/2 percent. we are not growing. >> have you heard of a poor man spending himself into prosperity? >> it's just sad to
that to you shortly. now, the latest news about our economy and it is so grim. shrinking in the fourth quarter. biggest dip in three years. instead of jumping into high gear to figure out what to do to reverse the economic bad news, top democrats use their time to play the blame game. they say it's all the republicans' fault. >> the economy shrunk. last three months our economy shrunk. >> new report suggests that the economy still has not really fully recovered from the financial crisis four years ago. >> now the democrats, this is the best looking contraction it has ever been in this country. >> it's beyond the flirtation with default to see republican leaders say, i got sequester in my back pocket -- this is not a game. >> you remember what the administration's growth forecast were for the next three to four years. it was anywhere between 3-4 1/2%. >> have you heard poor men spending themselves into prosperity. it's dumb. >> there is more work to do in our economy and facing a major headwinds. that is republicans in congress. >> if there were republican in white house we would never come out
: the economy is still in neutral gear. >> amazing job though convincing people that things are rosy. >> bill: bad news for the u.s. economy. it is going down again. even as president obama's poll numbers are going up are we the people completely clueless? we have a special report. you al gore are doing business with this country that's enabling your ultimate foe climate change. >> i think i understand what you are getting at. [ laughter ] >> bill: even david letterman is pounding al goren othe hypocrisy of making money from big oil. we will show you how gore is being treated by the left-wing media. >> isn't there a contradiction in that? also tonight dennis miller on the most popular tv personalities in america and my interview with collin powell last night. caution, you are about to enter the no spin zone. the factor begins right now. >> bill: hi, i'm bill o'reilly. thanks for watching us tonight. bad economic news but it doesn't seem to matter to the folks. that is the sung of this evening's talking points memo. last quarter, the economy fell back. in fact, it was the worst economic perfor
the afternoon. i'm shepard smith. >> neil: economy is suffering, is this time to be hiking. i'm eric bombing and the economy isn't just slowing it's shrinking. it dropped by tenth of percent. it's the first time that happened in three and a half years. all this as democrats are pushing for more tax hikes. former reagan advisor art laffer says that is the last thing we need. first thing in three and a half years we will an actual contraction in the economy and brought it to 2.1%. we spent $5.8 trillion and this is what we get for it. >> it's just dumb on the outside. government spending is milton friedman is taxation. government doesn't create resources, it redistributes resources and this government spending is why we had the recession. obama continued the bad job for four straight jobs and this is the result. >> eric: but they would say isn't for government spending we would have no growth? >> government spending it's not in spite of government spending it's because of the government spending. we think of it, you got two guys in the world, "a" and "b". if "b" gets unemployment benefits who
that the media is creating for him. >> no. >> covering up for his terrible economy, people blaming bush in the twilight zone important this economy that has gone on for four years and now getting worse because he is smothering the private sector. they cover up these entitlements >> the election is over. you are not holding a grudge, are you? >> you don't care how much nbc and american people are able to see the reality of the two candidates for themselves. >> we got to run. >> sean: good to see you both. we're back in the recession. >> we're not in the recession but it was bad news. >> sean: it may be a recession, we'll see. i hope not. the country, his policies are not working. thanks for being with us. we learned earlier today for the first time in more than three years, the u.s. economy shrank for top democrats for nancy pelosi they are saying they are not responsible for the fiscal mess that you are now in. they are blaming other people. later tonight, it's bad enough that your tax dollars are being used to arm egypt with f-16s and tanks. we are watching the defense ministers now th
'll get to the second topic. news today about the economy that was surprised a lot of economists. they weren't expecting for the economy to actually slink. contracted in -- actually shrank, contracted in the fourth quarter. >> eric: everybody says everything is great, obama recovery is great. see the line right there? it should be negative. it is below the line. economy shrank by one-tenth of 1% catching people by surpris surprise. >> dana: caught people from surprise? >> eric: everyone. everyone. everyone. everyone said wait a minute, we're moving. it wasn't 3.1% growth like the third quarter was. we thought it would be in the 1.5-2% growth, but growth none. first time in 3-1/2 years. we have spent $5.8 trillion, negative growth. >> greg: this is great, though. this is all part of president obama's immigration plan. shrink the economy, people leave. genius. >> dana: do you think it's weird that the white house blamed the republicans today faz they have nothing to do -- >> bob: i think, i think the serious blame goes to sandy more than anything else. i don't think i would - -- >>
is at your door right now. >> dana: we'll get to the second topic. news today about the economy that was surprised a lot of economists. they weren't expecting for the economy to actually slink. contracted in -- actually shrank contracted in the fourth quarter. >> eric: everybody says everything is great obama recovery is great. see the line right there? it should be negative. it is below the line. economy shrank by one-tenth of 1% catching people by surprise surprise. >> dana: caught people from surprise? >> eric: everyone. everyone. everyone. everyone said wait a minute, we're moving. it wasn't 3.1% growth like the third quarter was. we thought it would be in the 1.5-2% growth, but growth none. first time in 3-1/2 years. we have spent $5.8 trillion, negative growth. >> greg: this is great though. this is all part of president obama's immigration plan. shrink the economy people leave. genius. >> dana: do you think it's weird that the white house blamed the republicans today faz they have nothing
. >> tomorrow's jobs report, more ominous signs for the economy and now, pink slips for the president's jobs council. >> welcome everyone, i'm in for neil neil cavuto. and one day after learning the economy is shrinking, news that the job marketes -- democrats say it's because federal spending is drying up. to craig smith who says that argument is all wet. craig? >> you know what? i think i'm going to agree with the democrats. federal spending is drying up. it was down and look what happened. well, thankfully, federal spending is stopping, because look at everything that they've been doing, eric? up in of it has been working, and when you start to think this whole thing through, they're going to blame it on bush or the republicans and they're going to say, this was all part of theses quickster done the sequestration deal, and everybody stopped spending but you know the seed0s the last quarter's gdp were sow n in the summer of 2012 when president obama put politics ahead of our national security or any economic growth. its its ridiculous. >> that's the most important word, growth. when the ec
. >> business has created 2.2 million jobs last year. we just learned that our economy created more jobs over the last few months than economists originally thought, but this week we received the first estimate of the economic growth over the last few months. it reminded us that bad decisions in washington can get in the way of our economic progress. >> jamie: just yesterday we saw the recent job numbers tick up and the u.s. economy is worse off than it was four years ago in four major categories. let's take a look. first unemployment rate january 2009, it was 7.8% and it is 7.9%. then under employment, percentage of americans who are not working as much as they are able to. in 2009 it was 14.2% and today it kicked up to 14.4%. four years ago, 12 million americans were out of work and now it's 12.3 million. today less than 64% of americans that are capable of working are actually out there looking. that is down 2% from 2009. let's bring in angela and jehmu greene and former president of the women's media center. nice to see you. okay, let me ask you first, angela, it sounds like more finger p
. >> policy wise, i think that they help our economy. >> legal or illegal. >> giving foreign workers access to our labor markets makes those markets more efficient and make us more productive country economically. that has been the case for hundreds of years in this country. just as the free trade of goods and services makes our economy more efficient so does the free movement of labor across international borders. that the is the economic case. these workers are filling niches in our labor market. >> paul: but they are already here. so 11 million is the estimate. why just not settle for the status quo rather than put them on a legal path and change the law? >> first of all, if they are here illegally, they are open to exploitation by employers. we don't want that. the economy has absorbed those that already here, but our economy will continue to grow, maybe not as much as we like under the current president. we will grow again and have a need for more workers. we need a legal way for them to come. >> we need skilled workers, scientists and engineers because we are not graduating enough ame
prices. they're increasing sides that europe's economy is getting better. got some good earnings reports from some of the big companies. no matter what they want you do believe -- for today, at least -- the economy is looking up. i'm shepard smith. see you back here tonight on fox report. you'll be all right. [screaming] >> well, like the sequel to a 1950s horror film, only is this fly going to stick? welcome. i'm stewart in for neil cavuto. remember this, that fiscal cliff deal, huge amount in tax hikes. not much in the way of spending cuts. are we about to see the sequel? the president is calling on congress to pass another quick fix to avert those automatic spending cuts he originally signed off on, kicking in march 1 income, and this includes new tax revenues. the former south carolina senator jim demint says we have seen how the movie ins and it's not go. okay, jim, spell it out. more tacks and not so many spending cuts. what's the result? >> you have to scratch your head. the federal government will receive historically high tax revenues this year, yet we've double spending. it's a
a handle on the economy. let's run through a couple examples. on wednesday reports emerged that the economy contracted for the first time this three he years. yesterday applications for jobless benefits jobbed by more than 38,000 in a week, topping out at 368,000. this news coincidentally came the same day team obama announced it is disbanding the jobs council and then the icing on the cake the unemployment rate back up to 7.9% and the number could easily be over 10% if the labor department didn't play with the number yous to suit the left wing. leslie is also a fox news contributor. hugh i will start with you. tough week for obama-nomics. what do you expect when you only spent 5.8 trillion bucks. >> may go down as the worst reek the recognition we are going into an obama recession and the president has turned his back on the nation's unemployed. the number going up to 7.9%. every where you you turn every arm of the obama administration is launching a war on jobs. every agency. the consequences are this are just beginning to show up and he is indifferent to this and going to shock a lot of
mornings. >> thank you. >>> we got some disappointing new numbers on the u.s. economy, and it's raised questions over president obama's second term agenda. what it is exactly. his administration is clearly last week and this week focused on new gun control proposals, and major immigration reform legire saying the economy should be issue number one. take a look at these numbers. the unemployment rate ticked up to 7.9% last month. the nation's gdp shrank 1% during the fourth quarter, and u.s. debt is approaching 16.5 trillion dollars. we report, you decide. david hawkings here to help us out, editor of daily briefing. great to see you, david. good morning. >> nice to be with you, jamie. >> i want to start by can go you about the president's push this week. he'll make the tour on gun control. he talked last week about immigration. does he have those two right? >> does he have those two right in terms of boosting the economy? >> well, no. in his position and his proposals are those issues that we should take care of in the way he's proposing? >> well, that's not for me to decide, but it ce
the a tell you what it means for your wallet and the economy. and for some the super bowl is nothing but filler between those often-times hysterical commercials. jon: love them. jenna: we have a sneak peak at madison avenue's finest. it's all "happening now." take a look at unemployment rate, the new one that we got today i think it's going in the wrong direction. the news not all bad, not all good, we'll work through it for you everybody. glad to have you with us on friday. i'm jenna lee. jon: i'm glad it's friday. i'm jon scott. employers adding $157,000 jobs in january continuing the slow pace of job growth we have seen in recent months and years. it didn't make a dent in the unemployment rate. in fact the nation's jobless rate rising in january to 7.9%, clearly not good news. that doesn't seem to be phasing wall street, though. take a look at the dow, up more than 130 points, and approaching 14,000. senior white house foreign affairs correspondent wednesday algoler joins us live. >> reporter: as one analyst put it the top line is not so good but the bottom line is really not so b
: meanwhile breaking news on the economy. it's the worst it's been in more than three years. but democrats aren't blaming the tax hikes they just pushed through. no. something else. >> our economy is facing a major headline which goes to your point, and that's republicans in congress. >>steve: darned republicans. democrats' plan? print more money. brian. >>brian: make way for the future site of the obama library. but first we need to get ronald reagan's childhood home out of the way. break out the bulldozer. "fox & friends" starts tphoufplt >>gretchen: good morning. usually when we come in in the morning, we all have our own ways of preparing for the show. unfortunately i have to spend a little bit more time in hair and makeup. and during that time is when i start looking at the news papers, the hard-core ones, not on my ipad. i have to say i was a little shocked at the front cover of the new york post this morning when it hit my lap. that one right there. dan marino, we all know over at cbs sports, hall of fame quarterback with the miami dolphins, probably the best quarterback to not win
the economy, they say, is starting to turn around. what is going on here? we will bring in the senior business correspondent and anchor of bulls & bears. thank you for joining us. this number, then, is increasing. in fact, two years ago, 42 percent of retirees were putting off retirement. why the increase? >> it has been -- we have been getting more gray as a workforce because people have longer life spans and they have better health. we have switched from defined pension benefits to more risky 401(k) plans for people who have worked longer. the last two years was a dramatic jump leaving us to think it is something to do with the economy. people have been drawing down the 401(k)'s and into their savings because they have lost jobs and the value of homes are going down. the storm now is back where it was before the big financial meltdown in 2008 but, however, there is a feeling of insecurity. that is what is driving people to stay in the workforce longer. >>heather: home prices are rising now, and you mention the stock which has turned around if now. so, with the economy possibly rebounding, ho
the economy we have right now? >> i think you'd see more hiring and i think you'd see more spending. those are the key things that drive the economy. you mentioned the numbers today. here's a key potent of that number. average hourly earnings, basically how much people are making by hour, right, as they work. do you realize we're at a one and a half year high in average hourly earnings. guess what the number is. it's a little over 2%. nobody has i any money. taxes are going up and people are making really lousy wages. >> people talk about fixing the tax code. one of the big questions is where do you start? would income tax be where with u start or start with corporate taxes or something like that? >> you have a couple things going on. one thing that's huge is the amount of money that's overseas in these corporations, right. the repate ration tax is gigantic. that's why a lot of money is overseas in tax haven. get the money back to the united states so they'll hire and spend capital. that's how you get the economy to grow. >> do you think we see 15,000 this year? it's only the first month.
on the rise again as the economy continues to falter. who will president obama blame for this latest set back? [bleep] [ applause ] >> and vice president joe biden admits that the new gun laws being proposed might not prevent another newtown. so what's really behind the gun control push? >> say it ain't so, joe, there you go again. >> caution, you are about to enter the no spin zone, the factor begins right now. hi, everyone. i'm laura ingraham in for bill o'reilly. thanks for watching us tonight. lionizing h ng. "newsweek" marks the most powerful woman in american history. the article reads like a piece of campaign literature than a serious examination of her record and her accomplishments. certainly, look, mrs. clinton is highly intelligent, she a global celebrate and she reached a level that few men, let alone women ever reach in our country. yet titles don't tell the entire story. the benghazi attack. a failed reset with russia. a more powerful and emboldened china. an iran closer to a nuclear weapon, slark terrorists fans out across north america? simply put, under barack obama and hilla
work in national security or education or clean energy, not to mention the growth of the entire economy should be in jeopardy because folks in washington couldn't come together. >> all right, the cbo estimated today in the fiscal 2013 budget $850 billion will be the deficit and we looked at the charts. people will argue, probably the man here, that it's going to be down in the long term because of increased revenues, economic growth, sequester, higher taxes. but kimberly, if you look to 2013, it shoots back up. how can the president hold a press conference when he talks about cuts using the word smaller. >> there's so much shrinkage. the problem is the middle class is the working poor. that's what's the norm. people are so used to it now they don't realize it should be fixed. we could focus on cutting back on spending, thinking about how to stimulate jobs and the economy. we're so used to the stagnation, it's become acceptable and people aren't critical enough to say there's a better way to do this and a smarter financial way to make sense. >> is this the new normal? before we get to th
abiding companies get workers they need in the 1st century economy and create a path to citizenship to bring the undocumented immigrants this country out of the shadows and into the full light of the american dream. >> some republicans say it's important to emphasize border security and be fair to 5 million people hoping to legally go to america. >> some waiting an average of seven years because the bureaucratic red tape. >> after progressives led with president obama today, the status quo doesn't work. >> we were talking about trying to fix a broken system. a system that doesn't work for anybody in the country. we were talking about common sense comprehensive reform. >> fixing it can be so tricky a bipartisan group has a meeting secretly to hammer out a deal. sources say it's expected they'll roll out a more detailed plan than the senate group did by next week. >>> f.b.i. data indicate a dropoff in federal background checks for gun sales in january after a surge at the end of last year. the ap reports the system processed less than 2.5 million checks last month, down from more than
reason the economy and he's not delivering. >> talk about the policiless that are hurting black americanings whampt were the policiless that you feel have kept people from being able to move forward. >> when i was in college we read a back called the negro family a case near national academies. >> 20 of the blacks were born out of wet lookings that has tripem for whites is it 35 percent. we have rewarded people and given women financial incent itches and allowed the men to abandoneded thet. bill cosbee called them unwed fathers. >> single parent hood and kids growing up and stipulated by taxpayers and government are programless. they don't want to make it so the kids don't have food or healthcare. . >> when i talk to blook. i try not to use the heritage foundation that did study on absent fathers and dropping out of high school and crime and getting on welfare. charles murray did a book called losingly ground and the damage done by the nuclear family. it is it call would tupac. >> and they like to hear me say if i had a father in my life i would have had confidence and more disc
. because of what we saw in the final quarter of the year 2012, the economy actually shrank as defense contractors -- or in part because defense contractors said you know he what? the axe is about to fall. get ready for this. we're going to pull back now. remember, we spend more than $900 billion a year on the defense department, on the pentagon, and so these contractors have a lot to say about the overall size of our economy. the president having seen that is going to say look. we have these cuts that we agreed to go into place, but the economy can't handle it right now, so let's kick the can a little bit and do some of these same kinds of cuts, and they call them cuts, but they're not really cuts. sometimes they're reductions to future increases, sometimes they're taking into account things like not fighting in the iraq war any more, and accounting gimmickry to get to the next thing, and then we'll fall off that cliff when we get to it. >> we understand the president is going to highlight some bad things that will happen if this doesn't get resolved, things like kids getting kicked o
as we expected. >> the economy is tanking. >> remember the shovel-ready jobs that weren't shovel ready. >> shovel ready was not as shovel ready as we expected. >> we have had four years of the obama economy. it hasn't worked. >> it's been tanking for four years. >> the worst the jobs council did was very helpful. >> the jobs council that didn't embrace the president's jobs program is when you have to say, what are they up to. >> jobs council -- >> a number of ideas was acted on by this administration. as part of the president's overall commitment to job creation and economic growth. >> shovel ready was not as ready as shovel ready as we expected. >> as it turns out he had a whole bunch of business people that were trying to be good enough to get a food goodies from the president. >> you are more concerned with meetings than progress. >> there haven't been the recovery. now, we have the fourth quarter where the economy shrank. it contracted. >> greta: now what? ron johnson joins us, republican senator. i may be one of the few that it's not a big deal because i thought it was a silly pho
. and eric are you tell meeg when the market closed down, over 14,000 said we have a bad economy today? >> what do you mean it cuts more spend something it doesn't cost anything to get on a telephone does it? >> corporate america proved they're doing fine. it's corporate america, private sector everybody on the right like my friend says should be creating jobs not the government's responsibility to create jobs why do we need a jobs council, gentlemen? >> it's the noft's responsibility to kill jobs. a plant in corpus christi killed by epa just this week. that sage hand in southwestern california listed going to shut down oil and gas exploration, kill off housing in colorado then let's talk about the see quest traigs that and medical device tax, 2.3% on gross rets. props biggest job killer kicked in. that is the government killing jobs. private sector doing best it can, but your president, your party are killing off jobs in this country. not the private sector that snot doing it's job. it's the federal government killing it. >> i want you to listen to, on wednesday, also, gdp number came
americans on food stamps? we learned the economy was shrinking and unemployment is back up to 7.9% and all this news is pouring out. here is what the president is addressing. >> i am here today because the time has come for common sense, comprehensive immigration reform. >> my attitude that gays and lesbians should have access and opportunity the same way everybody else does in every institution and walk of life. >> the only way we can reduce gun violence in this country is if the american people decide if it is important. if parents and teachers, police officers and pastors, hunters and sportsman, americans of every background stand up and say it's got to be different. >> sean: with reaction, is ann coulter. did you see the picture of his skeet shooting. first of all when you skeet shooting you shoot up. number one he is not holding it right. >> the great constitutional law scholar second amendment the fishermaners of the constitution really like skeet shooting. that is not what it is about. wait until the photos of him taking birth control pills fighting the war on women. >> sean: let's
. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. twe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses so, i'm working on a cistern intake valve, and the guy hands me a locknut wrench. no way! i'm like, what is this, a drainpipe slipknot? wherever your business takes you, nobody keeps you on the rd like progressive commercial auto. [ flo speaking japanese ] [ shouting in japanese ] we work wherever you work. now, that's progressive. call or click today. >> shepard: fox weather alert. a deadly ban of winter storms sweeping through the south and mid-atlantic in the east. two people reported dead. national tornado service reporting tornadoes have touched down in six states. here is a map of where the storms are right now. there are reports of twisters there could be more to come they tell us. georgia, n
years, our economy shrank in the last three months of last year. that was unexpected, the markets were a lit aloof for awhile, but look where they're standing now. as you can see. we'll continue to cover breaking news on studio b. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? >> shep: the country, the economy shrank for the first time since last year, and it has taken economists by surprised. it slowed down 3.2% from the last quarter. and they are blaming a drop in exports, and factories shutting down after supe super storm san, and weighing down on the economy, the slowdown raising concerns about the ongoing recovery. jerry is with us, and you were saying a few minutes ago
. >> the state of the economy measures to we need see. >>> are you through raising tax rates? >> i don't think the issue right now is raising rates. the question is if we are serious about reducing our deficit can we stop waste in govment, can we conform healthcare programs in particular. we spend a lot more on healthcare than every other country does and we don't get better outcome. there are things we can do to reduce healthcare costs. >> and can we post loophole deductions lawyers take advantage of so they paoloer rates than bus driver or cop? if you combine those together you cannot only reduce the deficit but continue to invest in things like education and research and development that are going to help us grow. >> just a few hours from now president obama will continue his push for gun control. the heated topic on sunday talk shows. kelly wright is life in washington can more. >> president obama will travel to minneapolis the city that is making steps to curb gun violence. he will talk about the issue that can be taken on the federal level to reduce gun violence. it shows deep de visions
. the economy is deteriorating. you can come up with any excuses you like. hurricane sandy did, the republicans or lower defense spending but the fact is numbers are what they are. the economy is contracting. layoffs are at far too high a level. if you dig into today's report, in december the holiday period our spending in america went up only .2%. a deteriorating economy, bill. bill: that is paltry. the gdp number, help me understand because they explain the drop-off with cuts to defense spending, right? if that is the case, is it only federal spending that is keeping us going in any direction? >> hold on a second. there is always an excuse. over the past four years whenever the economy has turned sour there has been an excuse. the japanese tsunami. the egyptian arab spring, the europeans, trouble in japan, the republicans, the downgrade, hurricane sandy. drop-off in defense spending. there is always an excuse. the fact is, we have never achieved a robust expansion since the end of the recession. now this latest go round yesterday when the economy showed to be contracting it was blamed on lowe
saddled with that. >> subsidies are bad and they will raise the cost of tuition and hurt the economy in the future. to pay tax increases are come more debt issue to pay for these compts that. is not why these kids can't get jobs today. the economy is terrible. it shrank. it is it growing the normal four or five percent and many of the graduates would have jobbings. >> and rich, the fact is, we are subsidizing. we are subsidizing the college degrees that often don't amount to good jobs. >> yeah, it is it unfortunate. we reached the point where technology changed the whole game in a way we are beginning to realize. on line universities and couple of them started by two stanford professors and world class education for free or near free . what are employers looking for? intelligence and drive and discipline . it used to be a college degree stood for those things and now they have faster and better ways to determine whether they want to hire someone. >> john, billions of dollars in government stub sidies for college education are worthless? >> they are worthless and i am not going to def
bad numbers coming out of the economy. >> i spent a lot of time in trading pits. i knew, when the news is bad, but you look and see the dow jones, up 70 points on its own trajectory. >> that's right. >> leavet it there. >> thank you. >> a different type of labor pain, involving uni, the new york city school teacher is on track to collect $1 million for basically doing no work at all. she got kicked out of the classroom in 1999, after confessing to sexually harassing his students. his punishment, an $85,000 a year rubber room, where unfit teachers go to avoid students. this is a loophole. is it fair? $85 grapped -- why can't we fire him? >> nice work if you can get tright? because of one word -- tenure. he can't be fired because he's a tenured teacher, when they misbehave, they go in the rubber room -- we are not supposed to call it a rubber room because they do have to do administrative duties. we are paying him $85,000 -- >> rubber room is offensive? >> apparently, apparently. it must be. so he gets to stay there now. he will earn almost $1 million by the end of this year, doing nothi
. this has new unemployment numbers are due out tomorrow. we begin a new series on a new economy to tell you about a place where jobs are plentiful and starting pay is great and training is free. "special report" from washington starts at 6:00 eastern. now back to new york and my colleagues with "the five." ♪ ♪ ♪ ♪ >> dana: remember when president obama said this in 2011 -- >> keeping the economy going and making sure jobs are available is the first thing i think about when i wake up in the morning and the last thing i think about when i go to bed each night. i will not be satisfied until every american who wants a good job can find one and every american gets a shot at the american dream. >> dana: then we woke up this morning to learn the white house shut down the jobs council that got all sorts of praise at the time and it only met four times in the last two years. so, eric, do you think the economy is at a point now we can abandon this great idea that was the jobs council? >> eric: you know, i'm trying to figure out is it that the job situation getting better, the economy is bette
the economy faster or put more people back to work. the problem is we have a stalemate in washington. this week, we received the 50 estimate of america's economic growth and it reminded us that bad decisions in washington can get in the waive our economic progress. >> eric: the president blames republicans, the republicans blame the president. who is to blame? both? we have the chair of the foreign pac and outreach director for john mccain for president and a congressman from pennsylvania. ford, you heard the litany from the president. after all, he is the commander in chief. he is the president... in charge? >> the president is the biggest obstac toll private-sector job growth in america right now. he seem, to we can tax, spend and regulate ourselves to prosperity. the private sector is asking for certainty. because the president doesn't want to pass a budget or modernize spending for bietlements. he is the big issue. it is up to him to take a long look in the mirror. i agree that congress has played a role. he needs to stop worrying about destroying republicans and start worrying a
is taxed or borrowed and it is taxed from we the people. government spending is destructive to the economy. whether it is it discretioninary or not it needs to change now. >> it doesn't matter if it is. feven even if it is it a million bucks here and there. and eric it is worse than that. up said millions and millions, we are in the trillions. it is it an express of 3 trillion . a third of that is it being borrowed. we are spending way out of control and here is a bar chart. i don't know if you can see this right here. the dark part here is it what we are borrowing each year. that is a third of the amount much money . it is it outrageous and they can cut it in every place and they don't do it. >> you can stee the crazy thingings we are spending our money on. chinese swine study. 141,000. let's lookalt the next one. jordanian hooka habitings whampt is that? and reality tv show in india we spend 20 million and amtrak food beverages. 84 million. cram cramcongressman, we have a spending problem. ntake the labor department. you would think that that is one department that is responsible for tra
. it was probably a mistake. he wanted i am sure to show the appear ranges of activity while the economy has remained langwith for these years. we had a deep recession and sputtering and at that time the president wanted to show he cared. he created a blue ribbon commission. how come you are not meeting with them more. when will was the last time you met with them. why don't you talk to these people why don't you worry about jobs. at the closure it's embarrassing with such high unemployment, 23, 24 million people in the wrong situation just not the optics are bad. >> their mission was in the president's view an important one. a lot of people look at this as one, when president obama had a background he never ran a company and never worked for a company. he was a community organize he were and worked at a law firm. didn't work in business. so this was a way in which he would have outreach directly to the business community about their concerns and help guide his agenda toward creating more jobs. he barely met with them and now it's done, chris. is this not just an invitation for more criticis
obama said this in 2011 -- >> keeping the economy going and making sure jobs are available is the first thing i think about when i wake up in the morning and the last thing i think about when i go to bed each night. i will not be satisfied until every american who wants a good job can find one and every american gets a shot at the american dream. >> dana: then we woke up this morning to learn the white house shut down the jobs council that got all sorts of praise at the time and it only met four times in the last two years. so, eric, do you think the economy is at a point now we can abandon this great idea that was the jobs council? >> eric: you know, i'm trying to figure out is it that the job situation getting better, the economy is better or the fact that he is 11 days after inauguration and he doesn't have to worry about that stuff anymore? >> dana: they had a two-year charter, greg, when it was first created. they met four times in two years. a very rigorous schedule in washington. they had an option to renew. but after the election they decided not to. >> greg: they met as often a
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